It occurred because Beijing has been retiring 1 billion tons of coal production every year–and overshot its goals.
But help is on the way.
The country now produces a terawatt renewable energy each year andwill add 1.2 terawatts of wind and solar alone by 2026.
China added more new wind capacity in 2020 than the entire world combined and its renewable energy growth far outstrips other countries.
Maximus_Minimus
2 years ago
Judging by what see on Amazon, the Chinese surpluses are at least partially driven by increasingly sophisticated gadgets that are entirely domestically designed. Another trend, Chinese companies acquiring low key American companies along with brand name, but manufacturing in China.
Oh, and Lenovo acquiring struggling PC division of IBM, and making it into a success.
Nothing new. GE appliances has actually been a Chinese company for years.
Doug78
2 years ago
Perhaps we should look at it as a percentage of GDP. The low was 2006 and not 2020 by that measure. The covid years are a bit exceptional and we don’t know yet it it changed the trend, exacerbated it or had no effect.
HONG KONG/SHANGHAI, Dec 7 (Reuters) – Some offshore bondholders of China Evergrande Group link to reuters.com did not receive coupon payments by the end of a 30-day grace period, five people with knowledge of the matter said, pushing the cash-strapped property developer closer to formal default.
Adding to a link to reuters.com in China’s once bubbling property market, smaller peer Kaisa Group Holdings link to reuters.com was also unlikely to meet its $400 million offshore debt deadline on Tuesday, a source with direct knowledge of the matter said.
Tony Bennett
2 years ago
“Once again these high surpluses shouldn’t come as a surprise. Beijing’s attempts to restrain growth in debt and non-productive investment in the property sector must be balanced by some combination of higher consumption, lower growth, or expanding trade surpluses.”
…
Yes. I’ve noted that Xi is using cover of record trade surplus to attempt to deflate China’s property bubble slowly. He’ll ultimately fail as no way to unwind without losing control due to massiveness of bubble. So far half measures have kept things from spirally out of control. Imagine Xi will do what is necessary to prevent a collapse until Bejing Olympics over. Then??
I don’t think Xi cares about collapse. He’s looking at what’s best long term and long term he doesn’t want bubbles. So, teach the bubble blowers a lesson. The opposite of what we did in 2007. You can get away with it when you don’t have to worry about elections.
“Our diplomatic boycott of the Olympics will show them.”
Yup! Just like bombastically “reopening” pointless “cases” involving “our negroes” decades to centuries ago, no doubt makes current black people oh-so grateful that our Dear Leaders cares about them, before they have to go out to work two to three jobs in order to pay unearned rent to some Fed Welfare Queen for the “right” to live five to a falling down room in a ghetto somewhere.
Nothing like childish, symbolic, trivially idiotic and irrelevant nonsense, for rubbing in what a bunch of undifferentiated retards the absolute entirety of Western so-called “elites” (and every single one who support as much as a single one of them in any fashion whatsoever) have by now become. The Chicoms aren’t all that, either (they wouldn’t be commies if they were), but man are “we” making it easy for them to comparatively shine. Compared to the outright monkeys “running” and “owning” any institution whatsoever over here; their apparatchiks and five year planners are paragons of enlightenment and competence.
A complete lack of anything resembling a free market is the culprit. Nominal tax codes are so completely overshadowed by debasement transfers anyway by now, they’re little more than a distraction. Virtually all redistribution is now done via the printing press, mandates and arbitrary regulations. The official “tax code” being just a diversion to fool idiots into looking the other way while they are being robbed and harassed.
A free market requires people being free to demand. AND free to supply. The latter is what drives economic growth: More efficient supply. More output for the same inputs. That’s how societies get wealthier. If there was a market for housing, those dynamics would be no less prevalent there, than in the market for cell phones: Ever more housing, for ever lower prices. With poor people today, enjoying more and better housing than rich people in the 80s. By next century, even paupers may well have turned their nose up at that ramshackle called Mar-a-Lago.
The reason people are not is, specifically and only, because there exists no such thing as a housing _market_. Instead, it’s just a racket. Set up to create and maintain completely unnatural artificial scarcity. Solely in order to forcefully transfer wealth from productive people who create value; to clueless and incompetent deadweight “landed” leeches, who create nothing in return. That is the sole and only reason why “permits”, “zoning”, “land use” blah, blah exists. No exceptions. No yes, but, mommy, things are diiiiferent!!! Things never were, never are and never will be. Snowflakes are never special. At least not outside of the feeble minds of unusually slow children.
If there were to be a market for housing, the amount of covered space in San Francisco would tendouble in very short order. Pelosi would get to live in a modern, properly insulated penthouse. Instead of a mold infested slab of sourdough supposedly “worth” $25 million, despite any Mexican hanging out outside Home Depot being able to replicate the shack for at most 1/20th of that. Or, if she really does love life in an outdated sourdough slab, at least her neighbors wouldn’t be forcefully dragged down to her level by the genuinely totalitarian and kleptocratic governments of a genuinely totalitarian city, state and country. But could instead erect modern 10-20-40-60-…. story structures. In the process alleviating the so called “housing problem” that stupid people seem to believe is some great unsolvable mystery these days. As well as the lack of “good jobs” and “skillzzz” that also seem to befuddle the same rank idiots.
“Our diplomatic boycott of the Olympics will show them.”
…
Honestly, (imo) the reason for boycott purely done to protect cabinet level (and above) image. This is NOT a D vs R issue, but frankly I’m appalled at the talent level (lack of) of Biden’s staff (not to mention Joe about 10 years past prime time). Usually, a first term POTUS (especially FIRST year) has its party’s first string running things. By end of term (especially end of second term) you get the third string / walk ons.
Stay Informed
Subscribe to MishTalk
You will receive all messages from this feed and they will be delivered by email.
HONG KONG/SHANGHAI, Dec 7 (Reuters) – Some offshore bondholders of China Evergrande Group link to reuters.com did not receive coupon payments by the end of a 30-day grace period, five people with knowledge of the matter said, pushing the cash-strapped property developer closer to formal default.
Adding to a link to reuters.com in China’s once bubbling property market, smaller peer Kaisa Group Holdings link to reuters.com was also unlikely to meet its $400 million offshore debt deadline on Tuesday, a source with direct knowledge of the matter said.